Stephen Shinhak Kahng Acquires Office Buildings In Midtown Manhattan For $12M Represented By Newmark
31 West 54th Street & 33 West 54th Street
$12,000,000
$433/SF
Building Size
13,839 SF
Asset Type
Office
Closing
Feb 3, 2025
About this deal
AI
The property asset involved in this transaction is located at 31 West 54th Street & 33 West 54th Street in Midtown Manhattan. The asset is classified as an office space with a total square footage of 13,839. The sale price for this transaction was $12,000,000, resulting in a price per square foot of $867.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $12,000,000
- Square Footage: 13,839
- Price Per Square Foot: $867
- Buyer: Stephen Shinhak Kahng
- Seller: M Y Realty
- Brokers: Adam Doneger, Brett Siegel, Eric Roth, Maurice Suede, Mike Kavanagh & Tyler Signora - Newmark
The transaction was represented by multiple brokers from Newmark, highlighting the involvement of Adam Doneger, Brett Siegel, Eric Roth, Maurice Suede, Mike Kavanagh, and Tyler Signora in facilitating the deal between the buyer and seller.
Players
New York Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93